Rakesh Shah 24405 Views 8 February, 2018 3 years ago

Fintech Trends That Can Influence The BFSI Sector

The world has become a part of agile digital innovation, a time where technology is evolving faster than organizations can adapt to them. This is seen at every nook and corner and that is why we have heard news about the Digital transformation and the BFSI sector. These days, the government too is taking new initiatives to promote a cashless society.

Through 2017, we have seen digital advancements, new regulatory policies, and ever demanding customers reshape the banking industry’s landscapes. Earlier banks must have considered fintech companies as agitators but that’s not the scenario anymore. Today they both have come together as partners and move as a united force towards the digital world.

Machine Learning: Banks in 2018 will start adopting new systems that are powered by machine learning to deliver better offerings. These machines will automatically learn customer behaviour, expectations and responses that need to be given, in order to improve customer experience. Insights will be gained by taking up big data tools and will enable banks to predict customer needs and meet them in a customized manner.

Block Chain Technology: The banking industry can benefit widely from block chain technology as it helps prevent fraud, speeds up contract enforcement and also promotes transparent processes. As blockchain is unhackable due to time labels that mark a data entry in a distributed ledger, banks will explore alternatives to leverage the power of blockchain to transform backend operations. Several major players have already begun pilot projects to measure the feasibility of integrating blockchain into their ecosystems.

Efficient Workflows: The technological advancements today aid the backend operations of banks. It helps them easily identify any loopholes in their daily functions and brings in significant improvements in process efficiencies.

Augmented Reality App: An application that integrates a users physical world with the virtual world is called an augmented reality application. AR mobile app lists all dining destinations, property lists, shopping centres as well as ATMs, bank branches etc with real life pictures along with distance and directions. Significant investments, trial and tests are being done in order to make use of this technology for the positive sign. Other than this, mobile enterprise apps, mobile custom apps etc have already been adopted by banks and other companies from the BFSI sector in order to enhance performance. 

Security: With so much data being generated every second, hackers are constantly finding ways to acquire it. Cyber security measures till date have mostly been reactive rather than preventive in nature, banks will now begin to adopt additional measures to ensure data is secure at all stages with a combination of encryption, OTPs, statistics authentication etc.
























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